Risk target
If the Spitzer allegations are all that newcomers to the insurance industry or anyone else know about Maurice “Hank” Greenberg, it will be their loss.
His life and career have been about much, much more than the unresolved Spitzer scandal. He has much more to offer those looking to learn about business and life, which is why we took advantage of an opportunity to speak with him recently. Our interview was conducted in Atlanta at the Target Markets Mid Year Meeting.
It was impossible to fit in this issue the entire 30-minute interview with the man who built AIG and who is now building C.V. Starr. The complete interview on video can be viewed on our Web site at www.insurancejournal.com.
The complete interview covers the past– his military service, his early years at AIG, his taking AIG public, his pioneering role in opening China to the world and even the nationalization of an AIG company in Iran in 1979 and what happened to the employee who had to be rescued.
He also discusses current and future issues from climate change and contingent commissions to Florida’s property insurance market to selling in a global economy:
On climate change: “I think promoting green, whether it is green buildings, or a green environment, we should do all we can to encourage it. The industry can have credits for properties or companies that follow that practice. It depends on the company. But I believe it should do that.”
On selling in foreign countries: “You have to develop products to fit the culture of a country. You can’t use one size to fit all.”
On cycles: “I think there will be cycles as long as we have an insurance industry because it is run by people. One generation of experience goes away and the new enthusiastic group comes in and starts all over again.”
When you encourage risk-taking and innovation the way Greenberg has throughout his career, some things may go wrong. You make mistakes and learn from them. If you never take risks, you go nowhere.
As Greenberg says, “It’s not easy. It takes courage to go into unknown fields. It takes a lot of hard work. It takes dedication. And it takes great commitment.”